The African Export-Import Bank has expanded its support for Nigeria’s refining sector with financing for three additional refinery projects, as part of efforts to reduce dependence on imported petroleum products.
The move extends the bank’s existing involvement in the country’s downstream segment, including its support for the Dangote Refinery, and reflects a broader strategy aimed at strengthening domestic processing capacity across Africa.
Senior Executive Vice President Denys Denya disclosed the development during a virtual media briefing, stating that the intervention is designed to address structural supply challenges and reduce exposure to global market disruptions.
According to him, recent geopolitical tensions, particularly in key energy producing regions, have increased the cost and complexity of fuel imports for African economies. In response, the bank has adopted a dual approach that combines short term trade finance support with long term investment in refining and industrial capacity.
This approach is supported by a 10 billion dollar Gulf Crisis Response Programme, which is intended to stabilise access to essential imports such as fuel, food, fertilisers, and pharmaceuticals, while also supporting sectors affected by external shocks. The facility has already recorded participation from countries including Kenya, Ethiopia, and Tanzania, with further demand expected if global uncertainties persist.
Denya noted that the bank is also working with financial institutions across the continent to expand their capacity to issue high value letters of credit, particularly for import dependent economies facing elevated costs.
Beyond Nigeria, Afreximbank confirmed that it is financing refining projects in Angola, as part of a wider effort to improve self sufficiency in petroleum products across the continent and strengthen regional value chains.
In Nigeria, increased refining capacity is expected to reduce pressure on foreign exchange by lowering fuel import requirements, while supporting more stable domestic supply. The bank also referenced its role in supporting local currency crude supply arrangements linked to the Dangote Refinery, which allows refined products to be traded in naira and reduces reliance on foreign currency transactions.
On its financial performance, Afreximbank reported total assets of 48.5 billion dollars in 2025, representing a 21 percent increase year on year, while net income rose by 19 percent to 1.2 billion dollars. The bank also raised a 2 billion dollar syndicated facility backed by 31 global lenders, indicating continued investor confidence.
In addition to large scale industrial financing, the institution said it is expanding support for small and medium sized enterprises through targeted funding and capacity building programmes aimed at improving participation across value chains and supporting employment.
The bank is currently preparing a new five year strategic plan covering 2027 to 2031, with a focus on value addition, industrialisation, and reducing dependence on external financial systems. It maintained that expanding refining capacity remains central to improving energy security and reducing import exposure across African economies.